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In a major policy move underscoring the evolving role of the private sector in Vietnam’s socialist-oriented market economy, the Vietnam Communist Party has issued a new Resolution dedicated entirely to accelerating private sector development. The Resolution reaffirms the strategic importance of private enterprises as a dynamic driving force behind economic growth, innovation, and national prosperity.
A Strategic Shift in Party Policy
This new Party Resolution marks a significant shift in mindset, positioning the private sector not just as a supplement to the public sector, but as a vital component of the country’s overall economic structure. The Party now explicitly affirms the need to “respect, protect, and support” the legitimate rights and interests of private entrepreneurs, encouraging their active participation in the nation’s socio-economic development and governance.
Core Objectives and Policy Directions
The Resolution outlines a comprehensive vision, structured around several key pillars:
1. Creating a Fair and Transparent Business Environment
The Party calls for leveling the playing field between economic sectors. This includes:
- Ensuring equal access to land, credit, infrastructure, technology, and data.
- Reducing regulatory and administrative burdens through digital transformation.
- Strengthening the rule of law and enhancing investor confidence.
2. Developing Leading Private Enterprises
Vietnam aims to cultivate a new generation of large, competitive private companies with regional and global reach. To do this, the government will:
- Promote private participation in national strategic projects such as high-speed rail, digital infrastructure, green transportation, and defense industries.
- Launch a program to support 1,000 exemplary private firms that lead in science, technology, digital transformation, and green growth.
- Implement a “Go Global” initiative to help Vietnamese companies expand internationally with support in branding, market access, capital, logistics, and legal advisory.
3. Supporting Micro, Small and Household Businesses
Recognizing that small businesses form the backbone of the domestic economy, the Resolution sets out measures to:
- Simplify tax and accounting procedures, phase out lump-sum taxation by 2026, and promote formalization of household businesses.
- Provide free access to digital tools, accounting software, legal and managerial training.
- Improve access to finance, especially for women, youth, and ethnic minorities through the National Financial Inclusion Strategy.
4. Fostering Entrepreneurial Spirit and Business Ethics
The Resolution emphasizes the importance of building an ethical, socially responsible business community. Key points include:
- Promoting integrity, transparency, and respect for the law in business practices.
- Recognizing and rewarding entrepreneurs who contribute to society and national development.
- Encouraging private sector involvement in policymaking and governance.
The Party also calls for integrating entrepreneurship education into the national curriculum, cultivating a culture of innovation and responsible business among students and young professionals.
Implementation and Institutional Coordination
To ensure effective execution, the Resolution outlines a clear roadmap:
- The Party Committee of the National Assembly will review and update legal frameworks.
- The Government Party Committee will propose enabling policies at the upcoming 9th Session of the 15th National Assembly (May 2025) and coordinate with relevant ministries to allocate necessary resources.
- Central and local Party organizations will develop action plans with defined timelines and responsibilities.
- The Vietnam Fatherland Front and mass organizations are tasked with mobilizing public support, overseeing implementation, and promoting social dialogue.
- The Party’s Central Economic Commission, together with relevant agencies, will monitor progress and report to the Politburo.
A New Chapter for the Vietnamese Private Sector
This Resolution signals a turning point in Vietnam’s approach to private sector development. By fostering a supportive legal and institutional environment, the Party aims to unlock the full potential of private enterprises as a cornerstone of national development. If implemented effectively, this policy shift could transform Vietnam’s business landscape and accelerate the country’s trajectory toward becoming a high-income, innovation-driven economy.
Download the full Resolution here (Translated to English by ASL LAW).
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